Stock-quotation indicator.



R. W. BUMSTBAD.

STOCK QUOTATION INDICATOR.

APPLICATION FILED JUNE 22, 1905.

Patented 001;. 20, 1914.

5 SHEETS-SHEET 1.

R. BUM STEAD. STOCK QUOTATION INDICATOR. APPLICATION FILED JUNE 22, 1905. 1,1 14,578. Patented 001;. 20, 1914.

I 5 SHEETS-SHEET Z.

)l// II V /l l //////////I V/l/ ///////////////////////l//////////////Ill/Ill? a i o E l y r f I a 1 C y 1 as 5 /////l///// ///l ////////////I WITNESSES 51 INVENTOR w WNW.

R. W, BUMSTEAD.

STOCK Qt OTATION INDICATOR.

APPLICATION FILED JUNE 22, 1905.

6 SHEETSSHEET 3. I

0 WITNESSES gwm-L Q I. S, mif 29 W %w-s.

11. w. BUMSTEAD.

STOCK QUOTATION INDICATOR.

APPLICATION FILED JUNE 22, 1905.

1,1 14,578. Patented 001;. 20, 1914.

I i X 8 F ig.Xll

WITNESSES INVENTOR )1 Wr-TY'S.

R. W. BUMSTEAD. STOCK QUOTATION INDICATOR. APPLICATION FILED JUNE'ZZ, 1905.

XIII i8 M h 5 Patented Oct. 20, 1914.

5 SHEETS-SHEET 5.

he 2, F;

WITNESSES names w. maternal), or BOSTON, massacncsnrrs.

STOCK-QUOTATION mnrcnroa.

Specification of Letters'Pa'tent.

Patented Oct. 20, 1914.

Application filed-June 22, 1905. sena m. 266,437.

To all whom it may concern.-

Be it known that I, .RALPH W. BUMSTEAD, a citizen 'of the United States, residing at Boston, county of Sufiolk, and State of Massachusetts, have invented an Improve ment in Stock-Quotation Indicators, of which the following description, in connection with the accompanying drawings, is a specification, like letters on the drawings representing like parts.

This invention relates to indicators for stock quotations, and its has tor its object to provide a device of this character which is automatically operated through the medium of an intelligence transmitting instrumentality, such, for instance, as a printing telegraph instrument, and which is capable of exhibiting not. only a market quotation for each of a plurality of stocks or securities but also a minimum and a maximum quotation for each security. I

My improved device comprises an indicator mechanism for each security, such indicator mechanism being preferably con-v structed to indicate not only the market quotations, but also the maximum and minimum quotations, a pneumatic operating orcontrolling device for each indicator, and

a selecting mechanism,.preferalily operated from a printing telegraph and arranged first to select and render operative the. indicat-;

ing mechanism of the security which it is-desired to quote, and then to render operative 5 the indicator-operating mechanism of said; security wherebysaid indicator is operated to indicate the price at which said security 1 has been sold. These various mechanisms are all operated automatically from the in- 5 telligence-transmitting instmmentality, and the result is that with an indicator embodyj ing my invention in a bro-kers oflioe, the prices at which the various securities are beingsold on the stock exchange'wiil be auto"- 1 matically exhibitedas fast as the sales are 5 p g g the ou'tset that I'propose to employ as many recorded on the printing telegraph.

In the accompanying drawings,,Figure I Fig. II of the 1 mechanism for setting the units-wheels of the indicator mechanism, said view also showing a section through the pneumatic indicator-operating mechanism; Fig. V is n front view of the indicator wheelsysaid view also showing a portion of theindicator-opcrating mechanism; Fig. VI is a view similar to Fig. IV showing the means for setting the fractions-wheels o f the indicator mechanism; Fig. VII is a plan View of Fig. VI, the pneumatic mechanism at the upper left-hand border of-Fig. VI being omitted; Fig. VIII is a rear view'of the means for setting the indicator wheels; Fig. IX shows the front view of a portion of a stock-board, part of said figure being broken out to better show the interior construction; Figs. X and XI are details of the selecting mechanism hereinafter refem'edtog Fig. XII is a transverse section of a mechanism for tempo r'arily disconnecting the stock-boards from their tickers during the transmission of matter for-the tape other than the ordinary quotations; Fig. XIII is a-diagra'mof a portron of the selecting mechanism; Fig. XIV is a further detail of the selecting mechanism; Fig. XV is a perspective view partly in section'showing the operation of the indicater-operating mechanism; Fig. XVI is a section on substantially the line 0-4;, Fig. VI; Fig. XVII is a detail of a portion of the mechanism shown in Fig. I illustrating a modified arrangement of the wiring; Fig. XVIII is a detail of a portion of the mechanism shown in Fig. VIII. Fig. XIX shows a detail of construction hereinafter referred r In describing my invention, I will first describe theindicating mechanism which I preferably employ, and will thereafter describe the operating mechanism therefor and the means Etor selecting the indicating mechanism of the -partic ular security it is desired to-q'uote.

, Indicating meckanism. I' would state at indicator mechanisms as there are securities to be'qnoted or-indicate'd, and the indicator mechanism for any-one security is entirely independent from the indicator mechanism for any other security, although, as will be indicate the fractions.

the tens figure of the quotation designated,

.-another wheel is adapted to indicatev the units figure and a third wheel is adapted to I could, if desired, also employ another wheel to indicate the hundreds figure of the quotation, but as this would be likely to unduly complicate the structure, I propose to omit the" hundreds wheel and rely upon the observers general knowledge of the stocks quoted to tell him ing those that are adapted to indicate the market quotation of any security. The said wheels are arranged'side by side, as shown in Fig. V, and in practice will be arranged behind a board or partition 0 which has an opening 0 therein- (see Figs. IV and IX) through which a portion of the periphery of each wheel is visible. As fast as any security is sold, the printing telegraph sets inoperation the selecting mechanism and indicator-operating mechanism, presently to be described, and they operate to turn the wheels m, 'mfiand m for the selected se- 'curity so that said wheels will indicate the price at which the security was last sold, or as I have termed it, the market quotation for-said security. In addition to this set of wheels m, m and m for-indicating the market quotation of each security, the indicator mechanism foreach security also has aset of wheels m m and m (see Figs. II, IV, V,and VI) for indicating the minimum price at which said security has been sold during the day, and another set of indicating wheels m, m and m for indicating the maximum price at which said security has been sold during the day.-

'Each set of wheels for indicating the maximum orminimum quotation contains a tens-wheel, a units-wheel and a fractionswheel similar to the set which indicatesthe market quotations. 'The wheels for indicating the minimum and maximum quotations arealso arranged behind the board 0*,the

wheels m 'm, and m for the minimum quotation being visible through an opening 0 in said board, and the figures'on the wheels for indicating the maximum quotation being displayed through an opening 0 in said board.

All of these price wheels are supported on ysuitable shafts mounted in a frame 31. Each of the wheels in each set of wheels has fast therewith a pinion 32 which gears with a rack 33 on the end of an actuating-1ever.

The actuating-lever for the tens-wheel of The actuating-levers for the unitswheels of the market, minimum and maximum quotations are designated 34;, k and 1", respectively, and the actuating-levers for the fractions-wheels for the market, minimum and maximum quotationsare designated 35, r

and 1*, respectively.

The actuating'levers 7c, 34 and 35 for the Wheels for the market quotation are actuated directly by the indicator-operating mechanism, hereinafter described, and the actuating-levers for the wheels for indicating the mimmum and maximum quotations are actuated from the actuating-levers for the wheels indicating the market quotations.

Referring first to Fig. II, it will be seen that the actuating-lever la is pivoted to the frame 31 at n and has projecting therefrom a pin pt. Pivotcd to the rod n are controlling-levers is and 70 which are actuated directly from the indicator-operating mechanism presently to be described. When the right-hand end of these levers shut toward each other, they grip between them the pip a p, and the position of the actuating-lever is therefore determined by the final position in which the two levers is, k are placed by the indicatoroperating mechanism. For instance, if the wheel m is to indicate the figure 1, the lever is will be moved upwardly considerably more than the lever 75 is moved downwardly, and the actuatinglever 70 will-be elevated from the position shown in Fig. II. On the other hand, if figure .7 is to be indicated, the right-hand end of lever: h will be moved downwardly more than lever is is moved upwardly, and the actuating-lever will assume the position shown-in Fig. II. In all cases the setting movement of the right-hand'endof the lever 11 downward-startingfrom its highest positlon, and the setting movement of the leverk is upward starting from its lowest position. 1

. The mechanism for moving the actuatinglever 34 for the units-wheel m for the market quotation is similar tothat above de scribed, that is, it comprises two controllinglevers k, 12",; suitably pivoted on the crossrod n and actuated by the indicator-operating mechanism, hereinafter to be described,

and adapted to grip between them as they move toward each other a pin giproj ecting from the actuating-lever 344'- similar mechanism is also used for joperating the fractions-wheel m" for the market quota.- tion, said mechanism comprising two controlling-levers 12 (see Fig. VI) which are also suitably pivoted on a cross-rod n, and

are adapted to grip between them a pin 9* projecting from the actuating-lever 35. The position of the controlling levers n for the fractions-wheel m and that of the controlling levers n and k for the units wheel m dicator-actuating mechanism, and saidcontrolling levers operate on the pins-g as above described, to actuate the indicating wheels m*, mi. The above-described mech= 'anism is that which operates to set the pricewheels for the market quotation.

The means for controlling the price wheels for the maximum and minimum quotations will now be described, and first, I will describe the connections for operating the tenswheels m and m Pivoted to the actuating-lever 7c is a slotted link t'through the slot of which plays a pin 79 extended from the actuating-lever k for the tens-wheel m and pivoted to the controlling-lever k is a slotted link 2." through the slot of which plays a pin 72 extended from the actuatinglever is of the tens-wheel m Whenever the controlling-lever k is actuated to cause operation of the market quotation wheel m,

the link t will be drawn downwardly, andif the quotation to be indicated by wheel m is higher than that which has been previously registered, the movement of said lever 70 will be greater than any previous movement thereof, and consequently the end of the slot in the link if will engage the pin 22 and move the actuating-lever 70* downwardly, thereby turning the maximum tenswheel m to indicate the tens figure of the new maximum quotation. Said actuatinglever is held in this position ,by a pawl 3 adapted to engage a ratchet 1* rigid with the actuating-lever is. Similarly if thequotation which is to be registered by the wheel m is less than any which has been previously registered, the lever-k will, in order to properly turn the wheel have an upward movei'nent, and throng the link 25 and.

the actuating-lever is will be oper-- pin p ated, thereby turning the tens-wheel m for the minimum quotation into position to indicate the tens figure of the new minimum quotation. Said wheelis held in its newly adjusted position by a suitable pawl s pivoted at n andadapted to engage a ratchet r rigid with the actuating-lever The pawls sand s may be released when desired by means of suitable push-rods s which extend through the front of the board. When the pawl s is'released, the wheel m is rotated by a spring 116 until the figure 9 comes into view, this'spring being secured at one end to the stationary shaft upon which the wheel m is mounted, and at the other end to the inner side of the periphery of said wheel. hen the pawl s -is released 116 until the figure 0 comes into View.

Likewise, other springs 116 within the other Wheels of the maximum and minimum indlcators serve the same purpose of restoring them to their starting positions when released by their respective 'pawls. for each indication is governed by the in Whenever either the minimum or maximum tens-wheel is moved to indicate a new tens digit it will obviously be necessary to" upset the minimum or maximum units-wheel so that a new start may be made with said units-Wheels on the basis of the new tens figure, and similarly whenever the minimum or maximum units=wheel is turnedto indicate a new units digit it will benecessary to upset the registration of the minimum or maximum fractions wheel. The mechanism for accomplishing this will now be described.

The pawls" for holding the actuating lever 70 for the minimum tens-wheels in its adjusted position, has rigid therewith a clutch-member g which cooperates with another clutch-member 9 fast to the shaft at extending between the sides of the frame 31 (see Figs. III and XVI). The engaging projections of the clutch-members g, g, are square, as shown in Fig. XVI, so that said clutch-members rotate in unison. The right hand side of clutch-member 9 (Fig. III) has an inclined surface which engages cor responding inclined surfaces on a hub g rigid with the pawl s for holding in its adjusted position the actuatingdever is for the minimumunits-wheel m. A suitable spring 100 serves to hold these clutch-mem bers in. engagement with each other. Adjacent theratchet 1' (see Figs. III and IV) is aguard\11 and'between; said guard and I ratchetis a. groove When the tens-Wheel m? is moved to shift the tens figure, the turning movement of the pawl 8, caused by clicking over a tooth of the ratchet 1", turns the clutch-member q and the cam-surface on said member a throwsthepawl s tothe right, Figs. III and XVI, and into the groove g out of engagement withthe ratchet 1 thereby upsetting the registration of the minimum units-wheel.

The upsetting of the registration of the minimum fractions-wheel is accomplished by a similar device. Fast to the shaft 11." is

another cam member (7 adapted to cooperate with the hub g of the pawl s; for locking the minimum fractions-wheel in its adjusted position, and adjacent the ratchet 1' is a guard-flange 12 between which and said rack is a groove 9. The turning of the shaft a .either by the pawl s or the pawl s and clutch-member q operates through the cam- -members '9 g, to move the pawl s to the right (Figs. III and XVI) thereby disengaging it from the ratchetr. The pawl '8 is normally held in its operative position by a suitable spring 13. It will thus be seen that whenever the minimum tens-wheel I mum units and fractions-wheels is upset, so

figure.

that said units and fractions wheels may be readily reset on the basis of the new tens figure, and that whenever the minimum "units wheel m is moved the registration of the minimum fractions-wheel m is upset so that said wheel m may be readily reset on the basis of the new units figure. The

same construction is employed for disen-' gaging the pawls s and 8 for holding the maximum units and fractions-wheels in their adjusted position whenever the maximiun tens-wheel m is moved to desig-' nate a new figure, and likewise foridisengaging the pawl 8 whenever the maximum units-wheel m is moved to designate a new The upsetting of the registration of the maximum units wheel throws the figure 0 into view so that whatever the new units figure may be in the market quotation, the maximum wheel m may be turned from- F 0 to the corresponding figure by a downward movement of the lever is which starts always from its uppermost position above the ping)". Similarly, the upsetting of the minimum units wheel m throws the figure 9 into view sothat'whatever thenew units figure may be in the market quotation, the minimum wheel m may be turned from to' the corresponding figure by an upward movement of the lever k which starts always from its lowest position beneath the pin 12. Similarly, the maximum and minimum fractions wheels upon being upset are restored to'zero position so that whatever fraction may be indicated in the market quotation, the corresponding fraction may be brought into view for the maximum quotation by a downward movement of lever s' and for the minimum quotation by an up- "ward movement of the lever 8 The mechanism for driving the minimum and maximum units and fractions wheels m m m, m", respectively, will now be .described. After a maximum quotation of say 73% has been registered, it will be necessary to disconnect the units and fractions wheels m and m whenever quotations below 70 are registered, and to disconnect the fractions wheel m whenever quotations under 73 are registered. Likewise after a mmimum quotation of 695 has been regis-' and fractions wheels for the minimumquotation are connected to the setting device for the units and fractions wheels for the mar- In which is adapted to cooperate with a pin p projecting from the actuating lever 70 for the minimum units wheel to operate the latter, and connected to the controlling lever n is a link 25* which connects with another controlling lever k for operating the actuating lever W. The controlling levers 7c and r are pivoted on cross rods n and n 'both carried by the frame 31, and the controlling levers is and 70 are slotted at s and are mounted to turn about the fulcrum rods n and n on which the actuating levers 70 and 1" are pivoted. Said controlling levers is, is also have'a pin-and-slot connection with arms a. fast to shafts n and a, said shafts being mounted toturn in the frame 31. The shaft n also has rigid therewith an arm to (see Fig. II) which is pivotally connected by a link 1: to a pattern lever t which is pivoted to the actuating lever 70 at p. Said pattern lever has a cam slot 91 therein in which plays a pin 39 projecting from the actuating lever is.

t designates another pattern lever pivoted to the pattern lever t and also having a cam slot 91 .therein adapted to receive a pin 79 projecting from the actuating lever 70'.

Said pattern lever t 'is connected by a suit: able link 70 with an arm a fast on the shaft n. The shape of'the slot 91 in the pattern lever t is such that when the two actuating levers I: and 7c are parallel (that is, when the two tens-wheels m and m indicate the same figure), the pin 1) occupies the curved portion of the slot, and the link k is thereby projected toward the right Fig. II, thereby turning the shaft n". This operation projects the controlling lever is", Fig. IV, forwardly into position to engage the pin go in the actuating lever k, and if when the parts are in this position, the actuating lever 3 is moved to indicate a figure less than that previously indicated, the engagement of the controlling lever is with the pin 0 will actuate the minimum units wheel on", as will be obvious, thus making said wheel register with the quotation indicated by the market units-wheel m.

The units-wheel for the minimum quota- I tion isheld in its adjusted position by a pawl a engaging a ratchet a rigid with the actuating lever is. At all times when the arms 70 and k are not parallel (that is, when. the tens-wheels for the market and minimum quotations indicate different figures), the pin 79* will occupy the straight portion of the slot 91, and consequently the controlling lever is will be withdrawn from engagement with the pin 12, as shown in Fig. IV.

From the above, it will be seen that so long as the tens wheel for the market quotation is indicating prices greater than the lowest price at which the security has previously sold, or that indicated by the mini-- mum wheel m thepin p occupy the straight portion of the slot 91, and the con trolling lever 72 will be disengaged from the pin p. Similarly, the controlling lever 7c is heldin parallelism with the controlling lever 17, (see Fig. IV) by means of a link t and the pattern lever t controls the position of the controlling lever is relative to the pin p in a manner similar to that in which the pattern lever t controls the position of the controlling lever 76. -So'lo'ng', therefore, as the maximum tens-wheel 121,

indicates a price larger than. the tens-Wheel" m, the pin portion of tie slot 91 in the pattern lever 5 will remain inthe straight t and the controlling lever is will be thrown out of engagement with the pin p If, however, the tens-wheel m is thrown to indicate the same figure as that indicated by the maximum tens-wheel m or a greater figure,the pin 29 comes into the curved portion of the slot 91 (as shown in Fig. 11), thereby throwing the controlling lever is forwardly (Fig. IV) into engagement with the pin 2", and therefore the actuating lever 1 will be moved downwardly in unison with the actuating lever 34, so that the maximum unitsnvheel will be brought to register the same figure that the market units-wheel does. A similar mechanism is used to'disconnect and connect the minimum and maximum fractions wheels m and m; The

a mechanism for connecting and disconnecting the minimum fractions wheel comprises a pattern lever t pivoted'to the actuating lever 3a :(see Fig. IV), and havmg a cam slot therein in which plays'the pin 17 on the actuating lever is. Connected to the pattern lever 23 is a link n connected to an arm a which is loose on the rod n, and has rigid therewith a hub provided with a stop shoulder 92 (see Fig. VIII) which abuts against a corresponding shoulder on the hub of an arm u also loosely mounted on the rod n Said arm M2 has connected thereto a controlling lever s for cooperating with a pin 9 projecting from the actu-' ating lever 7 (see Fig. VI). A spring 93 acting upon the arm 20 tends normally to keep the shoulder thereon against the stop shoulder 92. The lever s is connected to one of the controlling levers n by a link 15*;

With this mechanism it will be seen that Whenever the market units-wheel is set to display a number equal to or lower than that already indicated by the minimum units-wheel m the pattern lever 15 will rock the arm a on the shaft n thus separating the stop shoulder 92 on the hub of said arm from the corresponding shoulder on the hub of the arm a thespring 93 then coming into play and projecting the controlling lever s forwardly into engagement withthe pin 9 (see'Fig. VI) with the result that the minimum fractions-wheel m is operated by the movement of the actuating lever 729 for the market fractions-wheel m. A similar .con-

struction, comprising the pattern lever t link a arm a loosely mounted on the shaft or and having a hub g provided with a stopshoulder 92, the arm a loose on the shaft n and having a cooperating stop shoulder and the controlling lever s operates .to actuate the maximum fractions wheel from the market fractions-wheel whenever the market .quotation equals or exceeds the previously registered maximum quotation.

Fast to the shaft 11, is a collar 9 having a stop shoulder 94 which, cooperates with a corresponding stop shoulder on the hub of the arm a This collar g acts to hold the arm and its controlling lever in its inoperative position except at the times when the shaft n is turned. .The purpose of this construction is to prevent the minimum fractions wheel from being disturbed except when both the tens-wheel and unitswheel of the market quotation are register ing the same as the corresponding wheels of the minimum quotation. A similar collar 92' is fast :tothe shaft n so as to prevent the maximum fractions-wheel from operating except when both the market tens and units-wheels indicate. the same figures that the maximum tensand unitswheels do, re-

spectively. r a

Indicator-operate" g mechanism.lt will be remembered that there are as many indicatin mechanisms, such as have been above escribed, as there are securities to be quoted. Each indicator mechanism has associated therewith an indicato-roperating mechanism, and as all the indicator-operat ing mechanisms are alike, a description of one will sufiice, and one only has been shown in the drawings.

Each indicator-operating mechanism comprises a pneumatic action for controlling the tens-wheel m of the market quotation or bearings jdepending from a board or support 18, one hub'jof each pair being longer than the other hub, as best seen in Fig. XVIII." Above the board or support 18 are two rock shaftsj each having a plurality of arms j projecting therefrom, the 'ends of said arms lying over and adapted to be acted on by the studs, as the diaphragm is. raised. The right-hand end of the crankshaft (Fig. IV), or the rear end in Fig.

XV, has pivoted thereto links i (see Figs. V and XV) which in turn are connected to other longitudinallyextending rock-shafts 7' (see Fig. XV). Each rock-shaft 9' has rigid therewith an arm 43 which is connected by a link j. with the controlling-levers 0. k, for

operating the market tens-wheel m. Thehubs or stops j of the diflerent pairs vary in length, the hub j nearest the observer for the 90 pneumatic (Fig. IV) having a maximum length and the opposite hub a minimum length, the succeeding hubs nearest the observer in said figure having a progressively decreasing length, andthose further from the observer having aprogressively increasinglength, The hubs nearest the observer (Fig. IV) in the pneumatic 00 will have a minimum length, therefore, while'the' opposite hub has a maximum length. The result of this is that whenever the diaphragm 71* is raised, the upward movements of the two studs connected thereto are limited bythe length of the corresponding hubs. Thestud nearest the observer, Fig. IV, in the 90-pneumatic will have a minimum upward movement, while the opposite stud will have ahnaximum movement, andtherefore-whenever the air is exhausted fr m the upper side of the 90- diaphragm and ii pressure is admitted to the under side thereof, said diaphragm will be raised and the studs 7' will act against the corresponding arms j thereby turning thelevers 7' Onelever obviously will be turned more than the other because one of the studs j has a greater upward movement, and as a result the two controlling1evers 7c and k will'be moved differently, the movement being such as to turn the tens-wheel m so that 9 will be displayed through the openingro. If, however, the air'is exhausted from the top' of the 40,-diaphragm and air under pressure is admitted underneath thereof, the. upward movement of the studs connected to said diaphragm will turn the two shafts but will give them a die ferent relative movement, such difl'ercnt movement operating through the connections above described to turn the tens-wheel m into the proper position to indicate 4 From the above description t will be seen that by operating any one of t e diaphra ms it of the pneumatics the tens'wheel m can be turned into its proper position. The pneumatic actionfor operating the unitswheel m is similar in every way, that is, it comprises a plurality of pneumatics having diaphragms 72. (see Fig. IV), said pneumatics being numbered in said figure 0, 1, 2, 8, 4:, 5, 6, 7, 8, 9. The diaphragm of each pneumatic has extending therefrom two plungers which pass through suitable hubs or bumpers j, and said studs act against arms 7' rigid with rock-shafts 7", said rockshafts being connected by suitable links j with other rock-shafts 9' parallel .to' 9'" but connected to the controlling-levers n, through suitable links 1'".

The pneumatic action for operating the fractions-wheel is similar in every way, that is, it comprises a plurality of pneumatics having diaphragms it (see Fig. IV) each having the studs jrising therefrom and extending through bumpers or hubs j of different length and adapted to act upon arms y' rigid with rock-shafts j Said latter rock-shafts i are connected to the controlling-levers n by suitable links j". The pneumatics for operating the fractionswheels are designated in Fig. IV: t, a ia a' a 'yi i From the above desariptiomit will be seen how that by pro erl exhausting the space above vany diap ra and admitting air pressure beneath said diaphragm, the wheels of the market quotation set may be operated to indicate the vquotation of any security. It'will be understood that between each indication the inflated diaphragms become deflated and the actuating levers la, n, 706, is", etc., return to their normal positions so that for the making of any new indication said levers-are always moved from their zero positions to that necessary to make the re-- quired indication.

The operation of the maximum and minimum quotation wheels has already been described, and it will be remembered, is effected from the operation-of the market quotation wheels.v

Selecting me0hani8m.-I will now pr0- ceed to describe the mechanism by whichthe indicator-operating mechanism or any desired security is selected. The spaces above the rows of diaphragms h, h and h for an} security allhave communication with each other by means of a space designated t?, Fig. IV at the left hand end .of. said figure, which .space leads to an exhaust chamber 03 (see the upper left-hand corner Fig. IV) the comsingle type-wheel, yet it will be obvious to the spaces above the rows of diaphragms allcommunicate with each other and are .practically the same air space I have designated the spaces above the diaphragm by the refer ence numeral 71 also. A single exhaust chamber (i may be used for a plurality of securities, in which case said common ex? haust chamber has a port (normally closed by a valve 2') leading to the passage 2' for each security. A separate exhaust chamber.

(i for each security may be used if desired, however. Whenever, therefore, the valve 71' for any security is raised, the spaces 71 above all the diaphragms forsaid security will be exhausted, and any one of said diaphragms may then be operated by merely admitting air to the space beneath the proper diaphragm.

Before describing in detail the mechanism for selecting that valve 21' which is to be operated, and the mechanism for operating it, I will refer to the diagram in Fig. I,-

which shows the electrical connections from the printing telegraph. In said figure, 21 designates the shaft which bears the typewheel of an ordinary printingtelegraph receiver, and on the shaft is mounted an arm a carrying two contacts a and a said contacts being insulated from each other. The

' co-ntact-a 'is adapted to wipe over a plurality of contacts a which correspond to the letters of the alphabet of the type-wheel; and the contact a is adapted to wipe over and contact with a similar series of contacts a which correspond to figures. fractions, and other characters of the type-wheel. The circuit including the contact (1. has therein a switch a, which is automatically operated by the printino telegraph instrument, and the circuit indluding the contact a has therein a similar switch a by means of which either of said circuits are closed.

I have not deemed it necessary to illustrate herein the printing telegraph itself, as such mechanism forms no part of my present invention. I would also state that whiletlie diagram herein illustrated is one which corresponds with a printing telegraph using a one skilled in the art what changes would be necessary in the circuit maker to adapt it to a printing telegraph having a pair of i i type-wheels. Moreover I would state that in the use of my invention I do not wish to limit myself to a printingtelegraph receiver as the controlling agent, butthat any device may be used for closing the electric circuits herein described whether automatically or manually operated.

Each contact a is connected by a suitable wire 22 with a swinging contact terminal I) of an automatic switch, the details ofwhich are best shown in Fig. X. This switch comprises a swinging member I), which is shown in end View Fig. X, and which extends the full length of the line of switches and which carries a plurality of independent swinging contact terminals 6, one of which is shown in Fig. X. There are as many of these swinging contacts I) as there are contacts a, andas the switch I) is turned the contacts I), carried thereby, are connected with the corresponding terminals 6 and b alternately. Each terminal Z3 is connected to a circuit 23 having therein a magnet 0, and said circuits'23 are all connected to a common wire 230, which includesthecoils of a magnet 0 there being only one such magnet c for the whole stock-board. A magnet 0, however, is provided for each letter of the alphabet.

The switch b is so constructed that imme; diately upon the cessation of the impulse which energizes the magnet 0 the swinging terminals b are caused to shift in unison from the contact terminals b to the contact terminals '5 Each contact terminal 6 is in a circuit 24 which includes a magnet 0', therebeing as manysuch magnets 0' and circuits 24 as there are letters of the alphabet or as there are contacts. a.

From the above description it will be seen I that whenever the contact a engages any contact a and the corresponding circuit is automatically closed by the switch a an impulse will be sent through the corresponding magnet 8*, since the swinging terminals 6 of the switch I) are all in engagement withv the corresponding terminals L The same impulse will be sent through the magnet 0 The energizing of the latter magnet shifts the switch b-to throwthe terminals 6 into contact with their respective terminals 6 but this does not occur until the cessation of the first impulse. When, therefore, a second impulse is sent through the circuits, one of the magnets 0" will be energized depending upon the position of the contact a It, therefore, the contact a is in engagement with the contact a", corresponding to the letter A, the closing of the switch a will in the first place energize the A-magnet 0 and also the magnet-=0 thereby shifting the switch I), and if before a second impulse is sent the contacta is shifted to engage the contact a corresponding to letter S the second impulse will be sent through the S- magnet 0. Referring now back to FigQIV,

V wherein is shown one of the magnets c and the mechanism it operates, it will be seen that the valve d which may be the armature of the magnet, if desired, controls communication of a duct ($3 with the atmosphere, said duct terminating in a chamber at having a diaphragm (Z therein, which diaphragm is adapted to act on the stem f of a pneumatic valve f, f. The valve f controls communication between an exhaust-chamber oZ and thereby control the latter. In order to make it perfectly clear, I willrepeat that there is a-chamber d for each letter of the alphabet, and a pair of bellows f, f, for each security.

The chamber at corresponding to any letter of the alphabet is connected by suitable conduits f to the pneumatics f of all the securities whose abbreviations commence with said letter. For instance, if the chamber d in Fig. IV corresponds to letter A, then the conduits f leading from said chamber are connected with the pneumaticsf corresponding to all those securities whose abbreviations begin with A. The energization of any magnet 0 opens the corresponding valve dand admits air to the passage. d As soon as air is admitted to this passage (Z there is a preponderance of pressure on the underside of the diaphragm 03*, it being understood that there is suction on the upper side thereof, and, therefore, the valve-stem f is raised, closing the valve f and opening the valve f.

-In order to maintain the valve-stem f in its raised position after the deenergization' of the magnet c and'until restored by means hereinafter described, the chamber (Z and its diaphragm d are arranged as follows :The diaphragm a? is provided with a bleed hole near'its periphery, said bleed hole 41 (Fig. XIX) tending to equalize the pneumatic ressures in the chamber (1 and the duct 3 until the' valve (Z is opened. When, however, the diaphragm d is lifted by air pressure on the underside, the bleed hole-41 is pressed against the roof of the chamber a? and is closed thereby with the result that the air pressure in the duct (Z is maintained even after the valve d is closed and consequently the valve stem f is held in its raised position, as desired. "When the .valve f is opened air is admitted to'the chamber at and to the pneumatics f of all the securities having an abbreviation commencing with the letter corresponding to that of the magnet c.

Referring'now to Fig. VI, one magnet c and its connected parts is shown. This magnet controls a valve d, which may, if,

desired, be the armature of the magnet, and which opens or closes a duct 03 which terminates in a compartment d having :1 diaing two valves f and f. The valve f controls communlcatlon between 'an exhaustchamber d and a chamber k; and the valve f controls.communication between a chamber d communicatingwith the atmosphere and said chamber h.

There is one magnet 0' for each letter of the alphabet, as has been before stated, and consequently one chamber h foreach letter of the alphabet. Each chamber h is connected b conduits k with the pneumatics f of all the securities whose abbreviations end in the letter to which the chamber it corresponds. For instance, if, in Fig. VI, the chamber, it corresponds to the letter C, then the conduits h will connect said chamber with all the pneumatics f of those securities, the second letter of the abbreviation of which is C. Whenever a magnet 0' is energized, its valve 03 is raised and air the pneumatics f connected to said chamber hare exhausted. The valves f and when displaced by the magnet 0' are maintained in such displacement after the denergization of said magnet by the same arrangement of the bleed hole in the diaphragm d already described.

7 Referring now to Fig. XIII, the operation of this part of the selecting mechanism will be made more clear." Suppose, for instance, the abbreviation of the security it was desired to quote was B. T. In this event, the contact a would be brought into engagementwith the B-contact a", and the B-magnet c-would be energized. The energizing of this ma net admits air to the pneumatics f for t ree securities, as shown in the illustrated example in Fig. XIII, and, therefore, said three pneumatics f are open to the atmosphere. This opening of these pneumatics f to the atmosphere, however, does not change the position of them, because the rocker arm k pivoted at 71 (Fig. IV) requires the pneumatics f to be closed when pneumatics f are inflated and vice-versa. Butwhen pneumatics f are inwardly exposed to the atmosphere and 'out wardly surrounded by the exhaust chamber d the communication of pneumatic f with the atmosphere only balances the upward pressure on both sides of fulcrum k (so far as these pneumatics are concerned) and cannot overcome the atmosphericpressure on the top side of valve i, in consequence of which the latter remains closed until the air is withdrawn from pneumatic f. The en ergization of the magnet c shifts the swinging to the letter T this being the second letter 'of the abbreviation, the -T-'magnet 0 will then be energized. The energization of this articular magnet 0 will result in exhausting the pneumatics f for all the securities having T for the second letter oi" the abbreviation. The exhausting of these bellows however, does not eiiecttheir position so long as the corresponding bellows f are exhausted. The particular pair of.

pneumatics, however, corresponding to the security B T will, bythis-operation, have the.

the pneumatic f exhausted and f connected with the atmosphere, and the result will be a turning of the rocker-arm h to open the valve 2" and thus connect the passages 71 of the indicator-operating mechanism for this particular security B T with the exhaust chamber (i The mechanism operated by the magnet c and which operates the switch I) will now be described. Referring to Fig. X, it will be seen that the magnet 0 controls a valved leading to a duct d which is separated from p an exhaust-chamber (l by a diaphragm 11 A double valve 25 normally closes communication-between the exhaust-chamber d and a pneumatic y. When, however, the magnet c is energized, and air is admitted to the duct (l the diaphragm-i raises the valve 25 and closes communication between said pneumatic and the atmospheric chamber (1 and connects said pneumatic-to the exhaustchamber (2, thereby exhausting said pneumatic. Pivoted to the pneumaticis a latcharm g which is adapted to operate the switch 7),said switch being that illustrated diagrammatically in Fig.1. This switch I) is a pivoted member'havinga stud p on which the latch-arm y rests and carrymg a swinging switch-blade b which is the terminal 7)" shown in Fig. I. This switchblade 6 is adapted to engage either of two contacts '7), corresponding to the terminals b b in Fig. The terminal b in F is electrically connected with the corresponding magneto; and the terminal- Z)" is connected with the corresponding magnet (1'. v

lVit'h: the parts arranged as they; are in Fig. X, theswitch b is arranged so that the terminals b and b are connected, and hence when an impulse is sent through the circuit, the magnet 0 will be energized with the 'results above described. The magnet 0 will be simultaneously energized, and the pneumatic y collapsed. This collapsin of the pneumatic moves the latch 3 to .t e right (Fig. X) so that the shoulder therein will drop down to engage the stud p. The energization of the magnet 0 is momentary only, and a bleed hole 2' permits the duct d to be exhausted immediately upon the closing of the valve 03, thereby allowing the valve 25 to drop back into its normal position depressing the diaphragmz' and opening the air chamber (13 to the pneumatic y. The latter is immediately expanded by the spring y. As the pneumatic thus resumes its expanded position by the action of the spring .y, the latch-arm 3 by its engagement with the pin 17 shifts the switch I) to bring the'swinging contacts 6 into engagement with the contacts 6 so that when the next impulse is sent through the circuit the magnet 0 will be energized, thereby completing the selection of the security to be indicated.

It will be understood that in Fig. X only one set of contacts 6, b b, has been shown, but there are as many such sets of contacts as there are letters of the alphabet, and that all these contacts 6 are operated by the pneumatic y, above described. In order to restore the switch I) to contact with the terminals b after the indicating mechanism for any. security hasheen operated, the magnet 0 is provided as shown in Figs X and I. This magnet is in a suitable circuit shown clearly in Fig. I, and'is arranged so that it will be energized after the indicating mechanism for any security has been operated, and when energized it serves to operate a pneumatic 3/ in the same manner as the pneumatic y is operated by the magnet 0. Attached to the pneumatic '1 is a releasing projection y which is adapted to engage the nose of the latch-arm y when the pneu- I 'lnatic y is collapsed, thereby releasing-said arm from the stud p and allowing the switch '6 to be restored to its initial position by means of the spring 1'.

Having described above the mechanism for selecting the indicator-operating mechanism of any desired security, I will now proceed to describe-how the indicator-operating mechanism of the selected security is operated from the printing telegraph. Referring now to Fig. I, the terminals a shownin a line are assumed'to be the same as the contacts a 'rarr-anged in a circle. These contact a correspond to the numerals and fractions, and those which correspond to the numbers 0 to 9 are each electrically connected with the terminals of a switch a which issimilar in construction to the switch b. That is, it comprises a swing ng member -0 (see Fig. XIV) similar to b -having a plurality of swinging contacts 6' adapted to engage either of the corresponding terminals 0 or 6 The terminals 6 are in circuits including the magnets 0 while the terminals e are in circuits including the magnets 0 The return wire of the circuits netc so that whenever anyone of the magnets. 0 is energized, the magnet c is also energized. The magnet controls the multiple switch 6, in the same way as described in connection with the switch band hence the sending of an impulse through one of the magnets 0* will energize the magnet 0 and the energization of said magnet 0 will throw the switch 6 to connect the swinging contacts 6 with the correspondin magnets (1 The magnets c and c contro the pneumatics for operating the tens and units-wheels of the' indicating mechanism. The other terminals 41 corresponding to the fractions and other characters are connected to corresponding magnets 0 and the latter magnets 0 control the pneumatics for operating the fractions-wheels.

Briefly stated, the operation of setting the indicators when the proper indicator-operating mechanism has been selected, .is to swing the arm a to bring the contact a into engagement with the contact 0 corresponding to the tens-digit of the number to be indicated, and send an impulse through the circuit by the automatic closing of the switch a", thus energizing the corresponding magnet 0 and causing the tens-wheel to be operated, and at the same time shifting the switch 6 so as to bring the magnets for the units-wheels in the circuit. The arm a is then moved so that the finger a will engage the contact a corresponding to the units- -digit of the number to be indicated and an .sponding to thefraction to be designated and another impulse sent through the circuit by the closing of the switch a, thereby energizing the corresponding magnet 0 and operating the fractions-wheel.

' The operative connections between the magnets c", c and a, respectively, and their respective pneumatics, are the same, and a description of one will suflice for all. In Fig. XI I have illustrated the manner in which these magnets control their corresponding pneumatics, and this illustration might apply to the connection between any magnet 0 0 or a and its corresponding pneumatics, and therefore the magnet shown in Fig. XI is designated a, 0, 0. Each of these magnets controls a valve d? of a duct d which leads to a chamberclosed by a diaphragm 71 1 Above this chamber is a suction-chamber i and this suction-chamber communicates with a plurality of conduits or other chambers a" which extend to the various pneumatic chambers i as shown in Fig. IX. The chambers i extend the length of the stock-board beneath the pneumatics it, 72. h of the various indicator-operating mechanisms. Each chamber 2' therefore connects with the same chamber i of all the operating mechanisms, that is, one chamber 2' communicates, for instance, with the 90- chamber i of all the indicator-operating mechanisms, and another chamber 17 communicates with the 80-chamber i of all the indicator-operating mechanisms, etc. 00111 munication between each chamber 2" and the common exhaust-chamber i is controlled by a valve j, which in turn is operated by the diaphragm and communication between each chamber 71' and a common wind or atmospheric chamber i is controlled by a valve j which is attached to the same valve-stem f that the valve f is. With this construction, it will be seen that whenever the magnet 0 corresponding to the FigIX is energized, said magnet will open the corresponding valve 03 and admit air beneath the corresponding diaphragm i thus inflating said diaphragm, closing the corresponding valve f, and opening the corresponding valve f. WVhen the valves have thus been shifted, the chamber 71 leading to the 90-c hamber i beneath the 90-pneumatics h for each of the indicator operating mechanisms, is connected throughthe valve with the pressure-chamber hand if the air has been previously exhausted from the passage 71 above one of said pneumatics k belonging to a particular security mechanism, the pneumatic will be lifted, and the market tenswheel of said security mechanism will be operated to indicate 9. The same operation is repeated for each of the magnets-c c".

From the above description it will be seen thatthe selecting mechanism involves different groups of selectorunits which are herein shown as pneumatics there being one'group of such selector units for each letter of the alphabet, that'is, all the pneumatics or selector units corresponding to the letter A constitute one group, all those corresponding to the letter B constitute another group, etc. It will also be seen that in making an indication, one operation is to actuate that group of selector units corresponding to the first letter of theabbreviation of the commodity whose price is to be indicated. The next step is to actuate another group of selector units corresponding to the second letter of the abbreviation, and as a result the particular selector unit which is in both groups will be rendered operative to cause a proper indication of the price of the commodity represented by said selector unit to be actuated. It will thus .be seen that the selective mechanism I employ is a progressively selective mechanism, that is, it acts progressively to finally select the proper indicator for indicating the price of the desired commodity.

lnorder to better describe the operation of my device, we will suppose, for instance, that the following is printed on the tape of a ticker and the quotations thus printed are to be indicated automatically by the mechanism above described.

1 i 1 1 a 1 r 402. 300 814. 673. set. 092s500ss. 40 i. 663.

.MP AC MP 5 2 098 200 81-. 300 0'.4.8.10-.s4o0s0e8 It will be noticed in passing that the question of whether a stock is sold at 40:} or 140% is left for the observer to answer through his intimacywith the market, since the use of numbers of three digits would unduly complicate the mechanism. As the shaft 2-1 of-the printingtelegraph turns to print L the contact a? is simultaneously brought into engagement with the L-contact a, and the L-magnet c is energized. The mechanical movement in the ticker which is used to make the imprint of the letter L upon the tape is connected in my controlling device with the switch a so that electrical impulses will be sent through the contacts a? only in accordance with the corresponding letters as they are printed upon the tape. The energization of the magnet 0 opens to the atmosphere all of the pneumatics f which belongs to securities whose abbreviations begin with L, as has been'fully described above. Simultaneously with the energization of magneto, the magnet o is energized, and the switch 6 is thereby turned to bring the swinging contacts 5 into contact with the corresponding terminals 6 The said switch I) having thus been shifted, immediately upon the cessation of the impulse which printed L on the tape, I and which opened the L-pneumatics f to the atmosphere, the following impulse printing N will direct a circuit through the N-ma-gnet a, said magnet operatin through the pneumatics controlled by it see VI) to exhaust the air from all the N-pneumatics f".

The single pair of pneumatics f and j" which combines connections with the L- chamber d and the N-chamber It will then be operative in opening its valve z" and exhausting the chambers i belonging to the LN indicator-operating mechanism. Let us assume for illustration that this LN quotation is the first of the days transactions, and

that the maximum and minimum wheels have been previously set to register 00 and 99, respectively. When the printing telegraph prints 4, the contact a will be in engagement with the -contact a and an impulse will be sent through the i--magnet 0*,

open the windchamber i to the channel a" leading to the eO-compartment i (see Fig. IV) beneath the LO-pneumatics h of all the indicator-operating mechanisms. The particular pneumatic h which .has wind pressure on its underside and vacuum on its upper side is lifted, thereby turning, through the mechanism above described, the market quotation tens-wheel to register 4, said mechanism operating to turn the minimum and maximum tens-wheels to register 4. When 0 is printed, the contact a engages the O-contact a and since the switch e has been thrown by the simultaneousenergization of the magnet with the 4-magnet 0 the next impulse energizes the O-magnet c and said O-magnetoperates as above described to set the three units-wheels to 0.' When the e is printed on the tape, the contact a engages with the. contact a thusenergizing the magnet 0, thereb causin the fractions wheels to register The printing of the two dots following is coincident with ener gizing the magnets 0 and respectively, said magnets operating to restore the switches 79 and e to their original positions.

The mechanism controlled by the magnet c is almost identical in construction with that controlled by the magnet (1 as will be seen by reference to Figs. XIV and X respectivelyg and the function of said magnet 0 is to operate the pneumatic 103 which in turn operates to restore the switch 6 t it initial position. v

It will be understood that the switch e is by the operation of a pneumatic which is controlled by the magnet c", andwhich has connected thereto the pawl 104, so that whenever said pneumatic is actuated, the pawl 104 will engage the pin 85 projecting from an arm connected with the switch and will swing said switch into engagement with the contact 6 The pawl is released to permit the switch to resume its initial position moved into engagement with the contact e by the collapsing of the pneumatic 103, as

above described.

When the magnet c is energized by the engagement of the contact a with the proper contact a the valve d is raised, thereby admitting air beneath the diaphragm 105, and raising the valve 106 to close communication between the pneumatic 103 and the wind chamber 107 and opening it between said pneumatic and the exhaust chamber 108 whereby the pneumatic is exhausted and the tail 109 thereon lifts the pawl'l04 from enmechanism shown in Fig. X wherein it will be seen that the pneumatic y has a link n connected thereto to which is connected a rod y that extends through an aperture in the casing and is pivotally connected to a valve restorer f that is arranged to act on the valves controlled by the magnets 0 and 0. Upon referring to Fig. IX wherein the front of the indicator is shown broken away, the magnets 0 a? and c are illustrated in a horizontal row, it, being understood that the remainder of themagnets c, c are placed in the same row together with the magnet 0 This longitudinal arrangement of the magnets and the pneumatic valve systems operated thereby enables me to use a valve restorer f in the form of a long horizontal strip, an .end view of which is seen in Fig. X, and which strip extends over all the valve stems belonging to magnets 0 and c.-

The connection between this valve restorer and the pneumaticg which is readily seen from Fig. X, is such that the collapsing of the pneumatic will permit the valve restorer to drop onto the valve stems with which it cooperates while the inflation of:

said pneumatic lifts the valve restorer oif from the stems. 1

3 is a Weight which is attached to the pneumatic, said'weight slightly overbalancing the weight of the valve-'restorer f Exhaustion of the pneumatic 11 lowers the restoring device f and pushes the L- and N-valve-stems f 'downward and opens the bleed hole in the flexible diaphragms d,

so that the ducts d are again exhausted to retain said diaphragms in their depressed positions, while at the same time the L- chamber d and the N-chamber h are restored to their normal communications with the exhaust chamber d and wind chamber clrespectively, thereby returning the LN pneumatics f", f to their normal positions, and closing the valve 2', The leakage of air between the plungers j and their studs 7" will restore the chambers i totheir normal condition of atmospheric pressure immediately upon the closing of the valve 2'.

The valves 106 controlled by the magnets c and 0 respectively are restored to their initial position, as shown in Figs. X and XIV, by a bleed hole 1' which establishes communication between the exhaust chamber d and the ducts As soon as either of these two magnets are dcenergized and valve (22 controlled thereby dropped to close the duct (1, the air pressure on each side of the diaphragm will be immediately equalized because of the bleed hole, and when this occurs, the valves are dropped to their initial position. The printing of 300 on the tape will be accompanied by the momentary shifting of the 3-valve and the O-valve without effecting any of the pneumatics h, k or b. This is simply to indicate to observers of the tape that 300 shares of the following security were sold. When no number precedes the abbreviation, 100 shares is understood. The printing of the abbreviation AC operates as above described to select the particular pair of pneumatics f, f corresponding to this security, and the printing of 81-} oper- The next quotation indicates two sales of the MP security, one at 109% and the other 109%. The first sale is for 100 shares'and the second for 500'shares. The letter S as here used corresponds with that articular contacta which connects with the magnet 0'' of the switch d. The same pnefimatic action is employed in connection with the magnet 0 as with the magnets c and 0, such action being shown in Fig. XII. The energization of 0 operates to collapse the pneumatic z. Said pneumatic has'a connection 2 extending therefrom adapted to engage. the switch-d which switch normally closes against the contact a and thus completes the return circuit from-all the magnets except the magnet 0. When the pneumatic z is exhausted, the projection g in the connection a is forced into the notch 2 of the switch d. and the latter is thus disconnected from the contact a The result of this is the breaking of the entire circuit containing all the magnets except themagnet c and thus disconnecting the whole stocleboard from the printing telegraph. After the printing telegraph has recorded the 500, S is again printed, and again energized, and the pneumatic .2 again exhausted. This second exhaustion of the pneumatic 2 operates to return the switch d toits initial position by reason of the en ;fa c'ement of the lug with the-notch a as seen in Fig. XII. The closing of the switch (1 again closes the circuit of the magnets and puts the stock-board into operation.

The manner in which the other quotations above indicated will be. designated by the stock-board. will. be evident in view of the foregoing description.

A suction pump of any suitable type may be used to operate the pneumatic action; or,

by reversing the arrangement of the valvesthroughout the stock-board, a blower o'f-any of the types used .in organs maybe provided. In Fig. IX a windw'ay 2' is shown leading from the chambers of, cl? and i to a pressure equalizer o and a pair of exhaust bellows w. The latter are suitably provided with valves for expelling the air into the open, and are connected by means of the driving rods 'wE.

nected at its other end with a weight m (or spring) to hold it taut. This chord operates a rheostat m or other governor for the motor m. \Vhen the operation of the board introduces .air into the .windway i faster than it is pumped out, the weight '0 will pull the equalizer down sufliciently to shift the rheostat m and make the motor m and exhaust bellows w work more rapidly. If the pump exhausts air more rapidly than'it is intro-' duced into the windway 2"" the equalizer '0 will again lift the weight a and shift the rheostat m the other way allowing the motor to work, more slowly.

I propose to use any suitable automatically-operative means, such for instance as the springs 116 to restore the indicating whecls to their initial position, when the pawls are disengaged from the actuating means.

I have shown the magnet c in an independent circuit, but it will be understood that it might be placed in series with the magnet c or 0 without departing from my invention, as shown in the modification illustrated in Fig. XVII. I I p The particular embodime t of the invention herein illustrated is one; adapted for use where each security is denoted by an abb1'e-- viation of two letters, but I wish to state that the invention is not limited to this particular embodiment, nor in ahy way except as specified in the appended claims. 7

In Fig. I certain of the contacts a are con- -nected in parallel by rivets a. This construction may be .employed where theseries of contacts a contain two contacts for the same number. i

In Fig. IX I have shown an arrangement of the board 0" wherein spaces are provided for posting manually the opening, high, low, and closing quotations of the previous day. Where my improved automatic indicating 9 mechanism is employed in connection with a board having these spaces for thus exhibiting the opening high, low and closing quotations of the previous day, said latter quotations as well as the quotations for any given day may be simultaneously displayed.

.It will be seen from the above that each indicating wheel is set to indicate the desired number by a single electrical impulse, and in this respect my invention differs from those devices in which the indicating wheels are moved forward with a step-by-step movement to show the indications thereon successively. Y

It will be understood of course that the above description refers to the embodiment of my invention herein illustrated, but I would state that my invention is not limited to the exact construction shown. I prefer to use indicating wheels for the indicating members, but the wheel construction of the indicating member is not essential. Similarly while the particular form of pneumatic action employed is that which I prefer, yet the invention is not limited thereto. ,Vari; ous changes, therefore, in the construction of. the parts may be made without departing;

from the invention as expressed in the claims, certain of which are very broad.

By the term intelligence-transmitting in strumentality as used. above and in the claims Imean any instrument, such as a printing telegraph, which is capable of transmitting intelligence from one point to another.

Having described my invention what I claim as new and desire to secure by Letters Patent is 5- 1. In a device of the class described, a plurality of quotation indicators, one for each of several stocks or commodities, selective'mechanism having means for adjusting said quotation indicators at will inaccordance with my desired sequence of quotations of the "several stocks or commodities and accordance with any desired sequence of yalues for the quotations of any individual stock or commodity, and an intelligencetransmitting" instrument-ality operatively connected by said selective mechanism with said quotation indicators.

2-. In a device of the class described, a set of quotation indicators for each of several stocks or commodities, each set comprising a market, maximum and a minimum quotation indicator, selective mechanism provided with means for selecting at will the set of quotation indicators for any stock or commodity and selectively operating the market quotation indicators of the selected set to display any'desired sequence of quotations of a stock or commodity, means for actuating the maximum and minimum indicators only when the market quotations exceed previous limitations of quotation, and an intelligence-transmit-ting instrumentality o eratively connectible by said selective mec anism with said quotation indicators. I

3. In a stock market indicator, a plurality of price indicators, one for each of several stocks or commodities, a plurality of initial selector units each adapted to select a group of said price indicators, a plurality of com-' the indicators to communicate said quotations thereto from a central station.

5. In a device of the class described, market-quotation indicators selectable at will, minimum-quotation indicators, and maximum-quotation indicators, both operated from the market-quotation indicators and electro-responsive indicator-actuating mechanism capable of setting said indicators to display in classified form a succession of quotations transmitted from a common source for any desired sequence of stocks or commodities.

6. In a device of the class described, a printing telegraph, a market-quotation indicator, and neumatic means rendered operative by said printing telegraph to actuate said indicator to indicate a quotation.

7. In a device of the class described, a plurality of indicating members to indicate separately the digits and fractions of market quotations, said indicating members being arranged in groups, each group comprising the indicating members for a single stock or commodity, a group of,setting devices associated with each group of indicating members, selective means to render control-' lable any one of said groups of setting devices, and "an actuating mechanism common to all the setting devices and rendered operative by a s ngle electrical impulse to actuate the selected setting devices.

8. In a device of the class described, a printing telegraph instrument, a plurality of indicating members to indicate a stockmarket quotation, and pneumatic operating means therefor electrically controlled by said printing telegraph instrument.

9. In a device of the class described, a plurality of indicating members to indicate the market quotations of securities or commodities in tabulated form, separate settingdevices for the respective indicating members of each security or commodity, a group of selector units each adapted to partially select the setting devices for actuation, a

plurality of complementary selector units each adapted tocomplete the selection of said setting devices, and a mechanism adapted to control the action of the selected setting devices causing the latter to set their indicating members to display any desired u quotation.

10. In a device of the class described, a set of indicating members for indicating a market quotation, means for operating each member of the set, a plurality of minimumquotation members, and means to operate the latter members from the operating means for the market-quotation members.

11. In a device of the class described, a set of indicating members for indicating a market quotation, means for operating each operating selector units operative in variouscombinations whereby each combination sclects a'difierent indicator unit, an indicatorsetting device to cause the indicator units to displaydifferent quotations, and means to operatively connect said setting device with any indicator unit selected by the cooperation of said selector units.

13. In a device of the class described, an indicator comprising a plurality of indicating members, one for indicating the tens digit of a number, one for indicating the unit 5 digit, and one for indicating fractions, pneumatic means to operate said members separately, a printing telegraph instrument, and electrical connections between said instrument and the pneumatic means whereby the latter are operated from the former.

14. In a device of the class described, a set of market-quotation indicating members, means to operate each of said members, a corresponding number of minimum-quotation members, operative connections between each minimum-quotation member and the operating means for the corresponding market-quotation member, and means to render each of said connections inoperative when the corresponding market-quotation member is indicating a number greater than the corresponding minimum-quotation member.

15. In a device of the class described, a set of. market-quotation indicating members, means to operate each of said members, a corresponding number of minimum-quotation members, operative connections between each minimum-quotation member and the operating means' for the corresponding I market-quotation member, and mechanism to render the units and fractions minimum members inoperative when the minimum and market-tens members difi'er in registration.

16. In a device of the class described. a set of market-quotation indies members. means to operate each of said members. a corresponding number of minimum-quot; tion members, operative con ctf.

tween each minimum-quotation member and the operating means for the corresponding market-quotation member, and mechanism to render the minimum-fractions member inoperative when either the tens or the units members of the minimum set difier 1n registration from their corresponding members of the market set.

17. In a device of the class described, a

set of market-quotation indicating members,

corresponding number of maximum-quota-. tion members, operative connections between each maximum-quotation member and the operating means for the correspondlng market-quotation member, and mechanlsm to render the maximum fractions member inoperative when either the tens or the units members of the maximum set diif'er in registration from their corresponding members market quotation memberg and means to render said connections inoperative when the market quotation members are indicating a number greater than that indicated by the minimum quotation members.

20. In a device of the class described, a set of market-quotation indicating members, means to operate each of said members, a corresponding'number of maximum quotation members, operative connections between each maximum quotation member and the operating means for the icorresponding market-quotation member, and means. to render said connections inoperative when the market-quotation members are 'indicati ing a number. less than that'indicated by the maximum-quotation members.

21. In a device of the class described, a set of market-quotation indicating .members, means to operate each-of said -members, a corresponding number of maximum-quota= tion members operative connections between each maximum-quotation. member and the operating means for the corresponding market-quotation member, and means to render each of said connections inoperative means for operating each of'said' indicators,

when the corresponding market-quotation member is indicating a number less than the corresponding maximum-quotation member.

22. In a device of the class described,'a market-indicating member, operating means therefor, a minimum-indicating member,

operative connections between the latter member and 'the operating means for the former member, and means to render said connections inoperative when the marketindicator member registers greater than .the minimum-indicator member, and to render said connections operative when the two. members register alike.

V, 23. In a device of the class described, a market-indicating member, operating means therefor, a maximum -.indicating member, operative connections between the latter member and the operating means for the former member, and means to render said connections inoperative when the marketindicator member registers less than the maximum indicator member, and to render said connections operative when the two members register alike.

24. In a device of the class described, an indicator for displaying tens digits, an indicator fordisplaying units digits,'scparate and means to upset the registration of the units-indicator when the tens-indicator is advanced.

25. In a device of the class described, an indicator fordisplaying units digits, an indicator for displaying fractions, separate 1 0 means for operating said indicators and means to upset the registration of the fractions-indicator wheels when the units-indi cator is advanced.

26. In a device of the class described, a tens-indicator a units-indicator and a fractions-indicator, separate means, for operating each of said indicators, and means to upset the registration of both the fractions and units-indicators when the tcnsiwheel'is advanced. I

'27. In a device of the class described, an indicating mechanism for each security or commodity, operating means therefor, a printing telegraph mechanism, and a selecting mechanism interposed between the printing telegraph mechanism and the various indicating mechanisms to render operative an indicating mechanism corresponding to the security orcommodity recorded by the printing telegraph.

.lng mechanisms to r'ender 'operative a pre-v determined indicator-operating mechanism.

29. In a deviceof the class described, an 

